In terms of using the same amount and splitting it to cover more students, I personally like the idea of having the same number with the higher value of scholarships, because it makes these scholarships very competitive. I see the advantage of taking that same value and splitting it across multiple individuals, but then that small amount being awarded to those individuals is still very small when added to our current financing.
The biggest thing I would stress is to look at 2003, when these scholarships were created, how that compares to the cost of living now and what value that would have to be now to be comparable.